Question

18) The price elasticity of supply of a good is 0.8. Its price rises
by 50%. Calculate percentage increase in its supply.
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Answer 1

Answer:

es =0.8

triangle p = 50%

triangle q =?

es = percentage change in quantity supplied / percentage change in price

or 0.8 =triangle q /50

or triangle q =40

so 40 % is the answer

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